Innovation is the Evolution You Need to Build Your Business

While this concept seems simple enough, innovation is a huge driving factor to economic growth, welfare, and resources

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By Punit Makharia

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Any endeavour in life is not immune to failures. There are probabilities even in businesses that at some point you will encounter a failure. Whether major or minor, failure is an integral part of business life. But failure necessarily is not a negative in the long run, in fact, most of the times it serves up as the most appropriate inflexion point in the journey of achieving success.

Hard Work and Determination

There are many aspects to operating a fruitful business, things like hard work and determination are apparent but other less tangible elements like creativity and culture are also principal to the long-term success of most modern businesses. Over the last few years, many companies have begun looking outside the traditional elements of what makes a company pioneering and have started to explore a kind of mix and match approach to applying various creative methods within their establishments to inspire modernization.

Taste of Start-ups

Originating in the Silicon Valley start-up world, terms like Minimal Viable Product, Revolving, Design Thinking and Lean Start-up are emerging as some of the popular corporate viewpoints in business today. These new methods attempt to energize the superlative and perkiest within organizations through a systematic approach that holds and experiment frequently.

Think Out of the Box

Imagination is crucial for any business, whether coming up with electrifying new products and services or using up-to-date forms of target-market analysis and engagement. However, this should not solely be the role of the extraordinary entrepreneur, small business owner or any specific employee. The most creative businesses are those that embrace creativity and inspire innovation. Incentivizing inventive product and strategy development can help drive a business, with all team actively seeking opportunities for further growth and innovation. Creativity is at the core of modern entrepreneurship, which has become an important part of keeping well-developed financial prudence. Whether launching a new social media platform, starting a digital marketing company or releasing the next big thing, businesspersons need to constantly push the boundaries of current trends, using new ideas and creative methods.

Research and Development

The ancient copies for strategic corporate investment and R&D are no longer working. Companies can improve product development cycles by adopting a combination of business-hypothesis-driven research, iterative product releases as well as other approaches to ad-hoc learning.


Driving innovation can be a tricky endeavour to draw inspiration from outside your business and outside your industry. Innovation should come from all corners of your organization — make sure you are looking for assorted perspectives and engaging the curious people in your organization who think about problems bigger than themselves.

We view the world through our own prejudices and knowledge. As a result, we incline to think our way is the correct and in extreme cases, the solitary way. However, if you want to grow your business, you need to let others use their own strength. To do this, you first need to recognize your staff's forte. Innovative leaders give others the authorization and possessions to solve problems according to their strengths. They know that by doing so, innovations are born, and the business reimagined in a way that never could have ensued if they dictated all the steps. With this rapid growth, everyone knows that innovation equals achievement and endurance.

Punit Makharia

Managing Director, Shree Pushkar Chemical and Fertilisers Ltd.

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